Stocks fall for a second day; Nasdaq slumps

Stocks fall for a second day; Nasdaq slumps

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(AP Photo/Richard Drew). Specialist Jason Hardzewicz, left, works at his post on the floor of the New York Stock Exchange Tuesday, July 8, 2014. (AP Photo/Richard Drew). Specialist Jason Hardzewicz, left, works at his post on the floor of the New York Stock Exchange Tuesday, July 8, 2014.

NEW YORK (AP) - U.S. stocks are closing lower for a second day in a row as investors position themselves for corporate earnings reports.

The Dow Jones industrial average fell 117 points, or 0.7 percent, to close at 16,906 Tuesday. The Standard & Poor's 500 index lost 13 points, or 0.7 percent, to 1,963.

The Nasdaq fell 60 points, or 1.4 percent, to 4,391.

Technology and small-company stocks fell more than the rest of the market. Utilities were the only sector to rise as investors sought out low-risk stocks that pay high dividends.

AbbVie fell 3 percent after the company raised its offer to buy a rival drugmaker, Shire.

Major U.S. companies start to report their earnings this week.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.56 percent.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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